The Bull Case For BioArctic (OM:BIOA B) Could Change Following Leqembi’s Conditional Canadian Approval and Q3 Royalty Surge – Learn Why

• BioArctic AB’s partner Eisai recently announced that Health Canada granted a Notice of Compliance with Conditions for Leqembi® (lecanemab), the first Alzheimer’s treatment in Canada targeting an underlying cause of the disease, while BioArctic reported a 68% year-over-year increase in royalties from global Leqembi sales for Q3 2025, totaling SEK117.2 million.
• The conditional Canadian approval, which expands Leqembi’s reach, comes as the drug’s successful commercialization and significant royalty growth reinforce BioArctic’s standing in the Alzheimer’s treatment market.
• We’ll explore how BioArctic’s substantial royalty increase from Leqembi following Canadian approval shapes the company’s investment narrative and growth outlook.

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BioArctic Investment Narrative Recap

Owning BioArctic today means believing in the continued momentum of Leqembi® as a pioneering Alzheimer's treatment and the company’s ability to translate this into significant royalty streams and long-term growth. The recent conditional Canadian approval and the resulting 68% year-over-year royalty growth provide near-term validation of this narrative, but also reinforce BioArctic’s reliance on Leqembi as its primary growth engine, a concentration that remains both a catalyst and a top risk if regulatory, commercial, or clinical challenges emerge.

The most relevant recent announcement is Eisai’s global Q3 Leqembi revenue, which directly triggered BioArctic’s record SEK117.2 million in royalty income for the quarter. This sharp increase mirrors the successful rollout of Leqembi in new markets following regulatory wins such as Canada’s, fueling optimism about BioArctic’s near-term financial performance, yet underscoring its heavy dependence on one product as investors contemplate future catalysts and risks.

However, investors should also be aware that if Leqembi uptake were to slow or encounter unexpected setbacks...

Read the full narrative on BioArctic (it's free!)

BioArctic's narrative projects SEK 2.4 billion revenue and SEK 538.7 million earnings by 2028. This requires 8.4% yearly revenue growth and a decrease in earnings of about SEK 561 million from current earnings of SEK 1.1 billion.

Uncover how BioArctic's forecasts yield a SEK294.60 fair value, in line with its current price.

Exploring Other Perspectives

Simply Wall St Community members have published 11 fair value estimates for BioArctic, ranging from SEK21.3 to SEK580 per share. With Leqembi driving both optimism and caution, these varied opinions highlight why you should examine a range of investor perspectives before making decisions.

Explore 11 other fair value estimates on BioArctic - why the stock might be worth as much as 98% more than the current price!

Build Your Own BioArctic Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your BioArctic research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.
• Our free BioArctic research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate BioArctic's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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